NGO's Oppose Obama's 'Blank Cheque' to IMF

29 May 09 | IPS

A broad coalition of civil society groups, as well as some U.S. lawmakers, is fighting what they call a “blank cheque” from the U.S. to expand funding for the International Monetary Fund (IMF).

On May 22, the Senate passed a 91.3 billion-dollar-wartime spending bill that included 108 billion dollars for the Washington-based Fund. The bill will now have to be reconciled in a conference committee between the Senate and the House of Representatives whose own version omitted any IMF funding.

The funding was the U.S. part of a larger package agreed by the G20 leaders at their April meeting in London, where they pledged to provide 1.1 trillion dollars in additional funding to the IMF. >>>

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